Whether you are able to amicably negotiate the details of divorce or you are involved in a heated battle to the finish, there are several topics you must tackle before signing the final divorce decree.
One of the most emotional tasks may be dividing marital property obtained during the marriage. During the divorce proceedings, both spouses are required to disclose all marital property in their possession, according to Colorado state statutes. However, there are some items that you may not realize are eligible for division in the settlement.
Looking at martial property
Also referred to as community property, marital property is anything you and your spouse have amassed during the time you were married. While you may think of the family home, furniture and bank account contents, there are some other items you do not want to leave out. These include:
- Lottery ticket winnings
- 401k plans, retirement plans, stock options and term life insurance policies
- Income tax returns
- Expensive collections, such as art, antiques, wine, coins and classic cars
- Exclusive memberships to country clubs and golf courses
- Frequent flier miles and other rewards points
Any gifts exchanged between you and your spouse are marital property as well. Furthermore, if either you or your spouse lent money or property to a third-party during the marriage, it can be divided as marital property once it is repaid.
Getting your fair share
In some cases, a spouse may hide property and/or assets in an attempt to keep it all. With a little detective work, you can ensure you are getting your fair share. Make sure that your spouse does not have any hidden bank accounts or is making other transactions that you are unaware of. This includes any oversea bank accounts.